How To Save Thousands on Your Next Home Purchase

Use a REALTOR®! As members of the Canadian Real Estate Association (CREA®), each Realtor adheres to a strict code of ethics and provides a wide variety of beneficial services for buyers and sellers.

Have your Realtor provide a detailed market value evaluation on the property you are considering purchasing. In other words, make sure that your Realtor compares the property you are purchasing with other homes in the area that have recently sold.

Get a home inspection. Many times, buyers will choose to purchase a home without having the home inspected by a qualified professional. Finding flaws can lead to a price reduction and save you from finding surprises down the road that can lead to costly repairs. 

Offer a good deposit. Often, buyers offer very little money down as a deposit when negotiating the purchase of a home; a larger deposit shows the buyer you are actually interested. 

Shop around for your mortgage financing. Buyers usually only think to approach their bank to apply for a mortgage, but a mortgage broker can source multiple lenders thus making it an easier process for you to explore all available options. It is important, as a purchaser, to ask if any of the costs for the loan can be eliminated or discounted. 

Insist the seller provide a Real Property Report (RPR) with municipal compliance. You want to ensure that the seller provides you with a RPR, a survey of the land and buildings you are purchasing, which reflects the current placement of structures on the parcel you are purchasing. 

Purchase title insurance. Discuss what coverage you need, in terms of title insurance, with your real estate lawyer. Ask your lawyer for advice as to whether you should purchase this type of coverage, as usually you can only purchase this type of insurance at the point of purchasing the property.

Take your time before you purchase. It is always a good idea to look at several homes before making a decision. Don’t feel as though you have to buy the first home you look at.